Question

In: Accounting

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

The following are the transactions for the month of July.

Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 53 $ 10
July 13 Purchase 265 13
July 25 Sold (100 ) $ 15
July 31 Ending Inventory 218

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

Solutions

Expert Solution

FIFO (Periodic)
Units Cost per Unit Total Cost
Opeing Inventory 53 10 530
Purchases 265 13 3445
Goods Available For Sale 318 3975
Cost of Goods Sold
From Beginning Invnetory 53 10 530
From Purchase 47 13 611
Cost of Goods Sold 1141
Ending Inventory 218 13 2834
Sales (100 x 15) 1500
Cost of Goods Sold 1141
Gross Profit 359

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